23 S Forest Beach Dr #204 · Hilton Head Island, SC 29928

$349,000

1 bd · 1.0 ba · 518 sqft · Condo public records · 65 Days on market

Built 1981 $674/sqft · at area comps Est $343k · at est. $550/mo HOA · 18% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +8.7/30.0
• ARV discount +6.7/15.0
• Appreciation +6.6/10.0
• Schools +4.1/10.0
• 1% rule +3.8/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0

Listing remarks MLS

Unit 204 at the sea side villas offers direct views to the ocean, walking distance to the beach, restaurants, and shopping. The condo has been newly renovated and is being sold fully furnished. Proven to be a income producing condo! Get in time for summer! The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any information of special interest should be obtained through independent verification. This offering is subject to errors, omissions, change of price, or withdrawal without notice. All offers to be submitted on South Carolina State forms.

Key facts

• Newly renovated
• Fully furnished
• $550 HOA

Tags

• DIRECT VIEWS TO THE OCEAN
• WALKING DISTANCE TO THE BEACH
• WALKING DISTANCE TO SHOPPING
• NEWLY RENOVATED
• FULLY FURNISHED
• INCOME PRODUCING CONDO

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $349k.

Deal economics

• At list price, monthly cash flow is $-293 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $297k (14.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $306k (12.3% below list).
• Recommended offer: $297k (14.8% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 2.9% in Hilton Head Island — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 64/100 on livability (#157 in SC) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A-; Watch: amenities F, commute F, cost of living F.
• Beaufort 01 (town): math 42% / reading 51% proficiency, ranked #17 of 80 in SC (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hilton Head Island Elementary (math 50% / reading 49%, grade D, #168 of 597 statewide, top 31%, 709 students, 56% FRL); Hilton Head Island Middle (math 33% / reading 42%, grade F, #90 of 229 statewide, top 42%, 856 students, 52% FRL); Hilton Head Island High (math 70% / reading 82%, grade A-, #34 of 196 statewide, top 17%, 1,345 students, 40% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: Rents rising (+3.2%/yr); 846 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,824 units permitted in Beaufort County in 2024 (618 in 5+ unit buildings).
• This rent runs 38% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $14k of equity ($2k loan paydown + $11k appreciation (3.2% local appreciation)).
• Beaufort County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $300k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $297,318 (14.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.88% ✗
• Cap rate: 5.29%
• Cash-on-cash: -3.59%
• DSCR: 0.84
• GRM: 9.5

CMA / ARV

• ARV (median comp): $343,169
• List price: $349,000
• Delta: 1.70%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

3.21% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: 5.0%
• Equity multiple: 1.29×
• Total profit: $28,194
• Equity at exit: $161,017

10-year hold

• IRR: 8.1%
• Equity multiple: 2.26×
• Total profit: $123,139
• Equity at exit: $251,376

Cash invested: $97,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State South Carolina: 90 Strongly Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 29928

• Home prices YoY: 1.3%
• Rents YoY: 3.2%
• Active inventory: 846
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,060 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$184 /mo · $2,209/yr
• Insurance: −$145
• HOA: −$550
• Vacancy / Maint / Mgmt: −$643
• Net cashflow: $-293

Break-even live

Break-even rent $3,430

Max offer price $297,318

Occupancy floor —

Sensitivity live

Price	-10% $-95	-5% $-194	+0% $-293	+5% $-391	+10% $-490
Rent	-10% $-534	-5% $-413	+0% $-293	+5% $-172	+10% $-51
Rate	-1.0pp $-117	-0.5pp $-204	base $-293	+0.5pp $-383	+1.0pp $-475

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 S Forest Beach Dr Unit 1316238P Hilton Head Island, SC	1.0	1.0	645	$3,185	$4.94	22d	1	0.02mi
10 Lemoyne Ave Hilton Head Island, SC	1.0	1.0	500	$1,700	$3.40	15d	1	0.27mi
4 N Forest Beach Dr Unit 1436439P Hilton Head Island, SC	1.0	1.0	516	$4,092	$7.93	45d	1	0.35mi
21 Lagoon Rd Unit 1508866P Hilton Head Island, SC	2.0	2.0	742	$2,687	$3.62	15d	1	0.53mi

HOA detail condo

• Monthly dues: $550 · $6,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-21
   days on market $349,000 Active 65 DOM
2. 2026-06-18
   days on market $349,000 Active 62 DOM
3. 2026-06-17
   days on market $349,000 Active 61 DOM
4. 2026-06-16
   days on market $349,000 Active 60 DOM
5. 2026-06-15
   days on market $349,000 Active 59 DOM
6. 2026-06-14
   days on market $349,000 Active 57 DOM
7. 2026-06-13
   days on market $349,000 Active 56 DOM
8. 2026-06-10
   days on market $349,000 Active 54 DOM
9. 2026-06-09
   days on market $349,000 Active 53 DOM
10. 2026-06-08
    days on market $349,000 Active 52 DOM
11. 2026-06-07
    days on market $349,000 Active 51 DOM
12. 2026-06-05
    days on market $349,000 Active 48 DOM
13. 2026-06-03
    days on market $349,000 Active 47 DOM
14. 2026-06-02
    days on market $349,000 Active 46 DOM
15. 2026-06-01
    days on market $349,000 Active 45 DOM
16. 2026-05-31
    days on market $349,000 Active 44 DOM
17. 2026-04-16
    listed $349,000 Active 630-char remark

    Show marketing remark (630 chars)

    Unit 204 at the sea side villas offers direct views to the ocean, walking distance to the beach, restaurants, and shopping. The condo has been newly renovated and is being sold fully furnished. Proven to be a income producing condo! Get in time for summer! The information contained herein has been obtained through sources deemed reliable but cannot be guaranteed as to its accuracy. Any information of special interest should be obtained through independent verification. This offering is subject to errors, omissions, change of price, or withdrawal without notice. All offers to be submitted on South Carolina State forms.

18. 2023-06-14
    soldstatus $300,000 Closed 460-char remark

    Show marketing remark (460 chars)

    Great opportunity to own your "place at the beach". Just steps from the sand, this cozy island nest is ready for your personal touch. Enjoy ocean views from the balcony with your morning coffee or afternoon cocktail. Take a short stroll to Coligny Plaza for shopping or a night out. Amenities include pool, picnic grilling areas and a beachside sundeck. A favorite spot for vacationers, Sea Side Villas offers substantial short term rental potential.

19. 2023-06-14
    soldstatus $300,000

    Show marketing remark (460 chars)

    Great opportunity to own your "place at the beach". Just steps from the sand, this cozy island nest is ready for your personal touch. Enjoy ocean views from the balcony with your morning coffee or afternoon cocktail. Take a short stroll to Coligny Plaza for shopping or a night out. Amenities include pool, picnic grilling areas and a beachside sundeck. A favorite spot for vacationers, Sea Side Villas offers substantial short term rental potential.

20. 2023-05-05
    status Pending 460-char remark

    Show marketing remark (460 chars)

    Great opportunity to own your "place at the beach". Just steps from the sand, this cozy island nest is ready for your personal touch. Enjoy ocean views from the balcony with your morning coffee or afternoon cocktail. Take a short stroll to Coligny Plaza for shopping or a night out. Amenities include pool, picnic grilling areas and a beachside sundeck. A favorite spot for vacationers, Sea Side Villas offers substantial short term rental potential.

21. 2023-03-24
    listed $335,000 Active 460-char remark

    Show marketing remark (460 chars)

    Great opportunity to own your "place at the beach". Just steps from the sand, this cozy island nest is ready for your personal touch. Enjoy ocean views from the balcony with your morning coffee or afternoon cocktail. Take a short stroll to Coligny Plaza for shopping or a night out. Amenities include pool, picnic grilling areas and a beachside sundeck. A favorite spot for vacationers, Sea Side Villas offers substantial short term rental potential.

22. 2013-07-08
    listed $165,000
23. 2008-04-08
    soldstatus $200,000
24. 2008-04-04
    soldstatus $200,000
25. 2008-02-01
    listed $214,900
26. 1998-05-08
    soldstatus $77,000
27. 1979-03-01
    soldstatus $39,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast SC · Resets to sale price

• Current annual tax: $2,209 · $184/mo
• Projected year-2 tax: $2,209 · $184/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $36,716
• − Mortgage interest: −$19,549
• − Property taxes: −$2,209
• − Insurance: −$1,745
• − Repairs & maintenance: −$2,937
• − Management: −$2,937
• − HOA: −$6,600
• − Depreciation: −$10,153
• Taxable loss: −$9,415
• Est. tax savings @ 24.0%: +$2,260
• After-tax cash flow: $-1,251/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Beaufort 01
• NCES district ID: 4501110
• Math proficiency: 42% ▼ -8.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $57,430
• Composite: 40.56/100
• National rank: #3699
• State rank: #17 of 80 in SC

Livability — Hilton Head Island

• Score: 64/100
• State rank: #157
• US rank: #14648

Category grades

Amenities F Commute F Cost of living F Crime A- Employment A+ Housing B- Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hilton Head Island, SC
• County: Beaufort County · 163,770 people
• City population: 40,243
• Metro: Hilton Head Island-Bluffton, SC
• Population (ZIP): 15,785
• Household income: $97,576
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 216.0

Population outlook (Beaufort County) Hauer SSP2

• Today (2025): 211,915 people
• By 2030: 227,272 · +7.2%
• By 2040: 253,861 · +19.8%
• By 2050: 275,126 · +29.8%
• By 2075: 311,022 · +46.8%
• By 2100: 321,286 · +51.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 2% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 4% Slovak 4% Romanian 4%
• Foreign-born: 9% · Canada, China
• Languages at home: 91% English-only · Spanish 5% French/Haitian/Cajun 1% Chinese 1%

Political lean MEDSL · Beaufort

• 2024 margin: R (+14.5) · D 42.1% · R 56.6% · Other 1.2%
• 2008→2024 swing: -3.7pp toward R · 2008: -10.8pp · 2024: -14.5pp
• All cycles: 2024: R+14.5 2020: R+10.0 2016: R+14.3 2012: R+17.5 2008: R+10.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.21%
• Current HPI: 243.4136
• Rent YoY: ▲ 3.23%
• Metro: Hilton Head Island-Bluffton, SC
• State GDP YoY: ▲ 4.51%
• F500 in state: 2

Industry mix (Fortune 500 HQ in SC)

Industry	F500 HQs	Revenue
▸Packaging	1	$7B

Price history

+774.7% since first listed

11 events — show timeline

• 2026-04-16 Listed $349,000 LRMLS
• 2023-06-14 Sold (Public Records) $300,000 Public Records
• 2023-06-14 Sold (MLS) $300,000 RSMLS
• 2023-05-05 Pending — RSMLS
• 2023-03-24 Listed $335,000 RSMLS
• 2013-07-08 Listed $165,000 RSMLS
• 2008-04-08 Sold (Public Records) $200,000 Public Records
• 2008-04-04 Sold (MLS) $200,000 RSMLS
• 2008-02-01 Listed $214,900 RSMLS
• 1998-05-08 Sold (Public Records) $77,000 Public Records
• 1979-03-01 Sold (Public Records) $39,900 Public Records

Property tax history

+4.3%/yr

Latest (2025): $2,209 · +1.3% YoY. Source: county tax records.